The cost of homeowners insurance is rising in Wisconsin and around the country. A poll published in Newsweek found that nearly 70% of surveyed Americans reported seeing an increase in their home insurance premiums. In Wisconsin, home insurance premiums increased by an average of 15% last year, and policy holders may see another bump in costs during 2024.
The ongoing risks of extreme weather, combined with the increasing costs of repairing and rebuilding homes, means that homeowners insurance coverage isn’t going to get cheaper anytime soon. Fortunately, Wisconsin is one of the more affordable states for home insurance, and there are ways to keep premiums manageable. For example:
1. Get quotes from local and regional insurance providers. National providers deal with more states and more risks – and tend to have more expensive policies.
2. If you are a veteran, or a member of the US Armed Forces, or you are a spouse or eligible family member, get quotes from USAA.
3. Bundle your home and auto insurance with the same company.
4. Maintain a good credit score. Insurance companies see low credit scores and large debt balances as a risk.
5. Keep up with home maintenance, inside and out. Insurance companies do sometimes look at your property. They can use condition issues to raise premiums, reduce coverage or discontinue coverage.
6. Maintain smoke detectors, exterior cameras, outdoor lighting, and other safety features.
7. Ask your agent! There may be premium discounts available to you. It’s also a good idea to review your coverage and know what it includes. Separate riders may be needed to cover some contents of your home, or to cover risks that are not addressed in the standard policy.
When you have real estate questions, we’re here to help! Six Lakes Realty is a locally-owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com